China Armco Metals Inc. has announced that its Armet Renewable Resource Co. Ltd. subsidiary has begun shipments of scrap metal from its newly opened recycling facility in China.
China Armco says that second quarter shipments, totaling about 10,000 metric tons, represent the first quantity of end products produced and sold out of the new facility. The plant’s opening was delayed due to difficulties with its power supply, which hampered the company’s ability to ramp up the plant’s operations. With the power issues resolved, the company hopes to increase production through the rest of this year.
In a release, Kexuan Yao, CEO and chairman of China Armco Metals, Inc., says, "We are pleased to have reached this important milestone for our company. As we now ramp toward our goal of full production and the small startup issues are behind us, we believe the future for our company is brighter than ever. With the contracts, materials, manpower and equipment in place and operational, we now are in a position to realize our growth potential in the coming quarters and years for the benefit of our shareholders."
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